GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Monday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended down by 61 points or 0.25% at 24,149 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended down by 218.60 points or 0.15% to settle at 24,180.80 while the BSE Sensex fell 662.87 points or 0.83% to 79,402.29.
“Markets resumed their downtrend after a two-day pause, shedding nearly 1%. Following a flat opening, Nifty gradually declined throughout the session, although a slight bounce in the last hour helped trim some losses. Ultimately, it closed at 24,180, down by 0.90%. Key sectors such as metals, autos, and energy were among the hardest hit, with broader indices also declining by almost 2% each,” said Ajit Mishra – SVP, Research, Religare Broking.
Also ReadNifty set for a bounce before another slide: Experts
Mishra also added that the index’s movement reflects that bears are still in control, and a decisive break below 24,000 could worsen the outlook. In the event of a rebound, 24,500 will now serve as a strong resistance level. Traders should maintain a “sell on rise” strategy, as most sectors and broader indices remain under pressure. Focus should remain on earnings and Foreign Institutional Investor (FII) flows for further cues.
Stocks to Watch on October 28, 2024
ICICI Bank
The private sector lender reported a net profit of Rs 11,745.9 crore for the September quarter, surpassing Street estimates of Rs 11,029.8 crore and marking a 14.5% year-on-year increase from Rs 10,261 crore. The lender’s net interest income (NII) came in at Rs 20,048 crore, representing a 9.5% rise over the previous year’s Rs 18,307.9 crore.
CDSL
Central Depository Services Ltd (CDSL) reported a 48.8% year-on-year increase in net profit, reaching Rs 162 crore for the second quarter ended September 30, 2024. The depository also became the first to surpass 13.5 crore registered demat accounts as of September 30, with 1.18 crore new accounts opened in the quarter alone.
Coal India
Coal India reported a 21.9% year-on-year decline in net profit, posting Rs 6,289 crore for the second quarter ended September 30, 2024. The company’s revenue from operations dropped by 6.4% to Rs 30,672.9 crore,
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